The Sunday News
FILABUSI residents in Matabeleland South who formed the Insiza Investment Company, an empowerment project in 1995, have said they have not benefitted from their investments ever since.
Members of the project said they have not received any feedback for the past 13 years despite their public limited company acquiring properties such as cars, tractors, chicken fowl runs which were now lying idle, cooking utensils and office equipment.
However, the investment company directors have dismissed claims that houses were part of Insiza Investment company properties, but belonged to the Development Trust of Insiza which accommodated the Investment Company.
A member of the Investment Company Mrs Sibongile Khumalo said members contributed money since the inception of the company in 1995 and some of the members were drawn from the United Kingdom and the United States of America.
“We poured a lot of money and even took money from our own projects to invest in this company hoping to reap great returns, but up to now we got nothing from this. We suspect that the directors might be benefitting alone from our investment. We are asking for the sale of all properties and share the proceeds among members.”
A company shareholder, Mr Jabisile Ncube, who is also a founding member of the Development Trust of Insiza confirmed that members have concerns over the collapse of their company and a lack of feedback from directors.
He said the Insiza Investment Company was formed under the Development Trust to empower the business community and locals.
“The company worked before the economic collapse in 2008. After the collapse of the economy, the directors did not come back to report to us what happened. The leaders must convene a meeting with members to make us understand what happened. But the Investment Company never bought or built houses. The two houses belonged to the Development Trust. I am a founder member of the Development Trust and when the trust donors stopped funding it, we called people in the community to form a company but their company never bought houses.”
Mr Ncube said the trust accommodated the Investment company directors in its houses, and that is why people assumed that the houses belonged to the investment company.
He said the trust bought the houses using donor funds from Norway which came through Insiza Rural District Council after the trust had applied for funding.
One of the board of directors Mrs Matilda Mahaso said most of the properties the investment company had were rented from the council, but she could not account for them as she left the area in 2009.
“What I know is that there were files and most of the properties were rented from the council. We were renting a restaurant and a bar. I do not remember us having cars and tractors, I will have to revisit the issue with those who remained there in Insiza because I left the place sometime in 2009,” said Mrs Mahaso.- Citizen Bulletin
